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twitterState closer to launching foreclosure mediation program
Friday, Aug. 14, 2009 | 10:13 a.m.
Sun Coverage
CARSON CITY – A mediation program to help stop the large number of foreclosures on Nevada homeowners should begin soon, a state official says.
Originally it was announced it would start in August but has been delayed to train the mediators. So far more than 450 requests for mediation from homeowners have been filed.
Verise Campbell, manager of the mediation program, said the first group of mediators received training Aug. 5-7 and the formal process of appointing the mediators has not been completed.
But lawyers have already started advertising on television that they will be willing to represent homeowners in these mediation procedures.
The program was created by the 2009 Legislature and the law became effective July 1. It was put under the jurisdiction of the Nevada Supreme Court.
Campbell said only about 50 cases are close to being scheduled. She said this is because the lenders in the majority of cases have not completed their required portion of the process.
There were 4,205 notices of default filed in July in Nevada, 3,174 of them in Clark County.
Once the program picks up, Campbell said she expects there will be between 1,000 and 1,500 mediations a month.
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Nevada Foreclosure Mediation (Google it) will help the homeowner modify the loan, but more likely walk away with the bank waiving a deficiency judgment, giving another 90 days of payment free living, and possibly some cash, in exchange the homeowner turns over possession of the house in good condition with no squaters.